Thank you for your thought provoking article entitled "Putting it All
Together." Couldn't have said it better. Like you, I have been shouting
out warnings for a number of years.
Want to comment on one of your points with which I agree wholeheartedly:
that there has yet to be true capitulation. No better proof of that than
the fact that perhaps 90%+ of workers with 401k and profit sharing plans
have yet to sell out of their positions. They have been hoodwinked into
believing money grows on trees, and been sold a bill of false goods, and
(for the time being) continue to follow the insane mantra of "staying the
course and dollar cost averaging" into their retirement positions as the
market tumbles. In terms of total assets invested, the general public's
combined retirement account net worth must dwarf the daily volume of trading
activity we see each day. When the public finally panics out of their
positions (and they will - everyone has a breakpoint), look out below. Only
then will we see where the ultimate bottom lies. Unfortunate but true.
Keep up the great writing.